HUD Programs

HUD Programs Available

OC Realty is one of the few HUD approved Brokers on the Treasure Coast. These are just a few of the owner occupied programs available within the HUD program.

HUD FHA Program

The Federal Housing Administration (FHA), provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multi-family homes and hospitals. It the the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans.

After World War II, the Federal Housing Administration (FHA) mortgage insurance combined with Veteran’s Administration mortgage guarantees to help returning veterans achieve the American dream and buy their own homes in record numbers. FHA mortgages and mortgage insurance and the secondary mortgage markets created through the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) have helped make home mortgages affordable for veterans and other working families.

FHA’s streamlined 203(k) program permits home buyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home. Home buyers and homeowners can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or an FHA appraiser. Homeowners can make property repairs, improvements, or prepare their home for sale. Home buyers and make their new home move-in ready by remodeling the kitchen, painting the interior, or purchasing new carpet.

HUD FHA Program

What is the Federal Housing Administration?

The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.

What is FHA Mortgage Insurance?

FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner’s default. Loans must meet certain requirements established by FHA to qualify for insurance.

Why does FHA Mortgage Insurance exist?

All Loan Terms (Greater than 15 years and less than or equal to 15 years): LTV greater than 90%: Annual MIP will be collected until the end of the loan term, or 30 years, whichever occurs first. LTV less than or equal to 90%: Annual MIP will be collected until the end of the loan term, or 11 years, whichever occurs first. You also have to pay the 1.75% for any amount of loan at all LTVs.

How is FHA funded?

FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.

The History of FHA

Congress created the Federal Housing Administration (FHA) in 1934. The FHA became a part of the Department of Housing and Urban Development’s (HUD) Office of Housing in 1965.

When the FHA was created, the housing industry was flat on its back:

Two million construction workers had lost their jobs.

Terms were difficult to meet for homebuyers seeking mortgages.

Mortgage loan terms were limited to 50 percent of the property’s market value, with a repayment schedule spread over three to five years and ending with a balloon payment.

America was primarily a nation of renters. Only four in 10 households owned homes.

During the 1940s, FHA programs helped finance military housing and homes for returning veterans and their families after the war.

In the 1950s, 1960s and 1970s, the FHA helped to spark the production of millions of units of privately-owned apartments for elderly, handicapped and lower income Americans. When soaring inflation and energy costs threatened the survival of thousands of private apartment buildings in the 1970s, FHA’s emergency financing kept cash-strapped properties afloat.

The FHA moved in to steady falling home prices and made it possible for potential homebuyers to get the financing they needed when recession prompted private mortgage insurers to pull out of oil producing states in the 1980s.

By 2001, the nation’s homeownership rate had soared to an all time high of 68.1 percent as of the third quarter that year.

The FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages since 1934. FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.

In the 80 years since the FHA was created much has changed and Americans are now arguably the best housed people in the world. HUD has helped greatly with that success.

HUD Veteran's Program

Our Team and the VA helps Service Members, Veterans, and eligible surviving spouses become homeowners.

As part of the VA’s our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

We remove greed from the equation by selling for less and our buyers come away with a healthy profit. Our goal is to sell quickly and make our money on volume. This allows enough money on the table for the buyer to “fix and flip if they desire.”

HUD 203(k) Program

Want to purchase a home but cannot afford the cost of repairs and upgrades?

WE have your solution! We are an approved HUD 203k Broker and specialist!

A government backed loan program that allows you to add repair and upgrade costs into your mortgage leaving you with one low monthly payment. All this with a low down payment, low interest rate, and even delayed mortgage payments.

Examples of what is covered (from Hud.gov)

Remodeling bathrooms or a kitchen, including new built-in appliances • Replacing a roof, gutters, and downspouts

Adding a family room, bedrooms, or bathrooms

Replacing flooring, tiling, or carpeting

Completing a basement or attic conversion or adding a second story

Expanding or building a garage or carport

Renovating a deteriorating property, such as repairing a chimney, termite damage, or structural problems

Upgrading plumbing, heating, air conditioning, or electrical wiring

Eliminating health and safety hazards, such as removing lead-based paint

Making the home disability accessible

Installing a well or a septic system

Adding a porch, deck, or patio

Adding or repairing siding or repainting

Installing energy efficient windows or doors

Repairing an existing swimming pool

Our Preferred Lender, Titan Lending, is your go-to resource for this and all types of loans!

How would you like to purchase your dream home AND walk into equity?

Titan Home Lending, based in Tampa, is Florida’s leader in FHA 203K Renovation Loans. This little known and highly misunderstood program has helped thousands of home buyers purchase properties at below market value, fix them up to make them their own, and walk into instant equity. In a housing market that has deteriorated over the past few years, this is the prime market for homebuyers to take advantage of the short sales, foreclosures, and most of all, distressed properties on the market.

Andy Wood, owner/broker of Titan Home Lending, has been in the mortgage industry for 21 years. He is your expert for FHA Loans, Full FHA 203K Renovation Loans, Streamline FHA 203K Renovation Loans, VA Loans, Conventional Loans, and USDA Loans. Titan is also the leader in financing for Fannie Mae HomePath and Fannie Mae HomePath Renovation properties.

Because Titan Home Lending is a small, privately owned company, we can offer low mortgage rates, low fees, and exceptional service. Thank you for visiting our site and we look forward to earning your business!